KUALA LUMPUR (Feb 11): AmBank Research expects the ringgit (MYR) to trade between its support level of 4.0486 and 4.0589 while the resistance is pinned at 4.0749 and 4.0850.

In his AmBankFXDaily note today, AmBank group chief economist and head of research Dr Anthony Dass said the MYR strengthened 0.07% to 4.069 against the stronger dollar.

Dass, who is also adjunct professor in economics at University of New England, Sydney, Australia, said the KLCI closed lower by 0.41% to 1,686.5.

But he said the local bond space extended its buying spree.

“The 3- and 10-year Malaysian Government Securities (MGS) yields fell 2 basis points (bps) each to 3.560% and 3.990% while the 5- and 7-year MGS yields eased 1.5bps to 3.720% and 3.870%, respectively.

“Meanwhile, both the Brent and WTI rose 0.76% and 0.15% to US$62.10/bbl and US$52.72/bbl amid the global demand headwinds.

“In the regional space, MYR presented a mixed performance against its regional peers. It rose 0.84% against Thai Baht to 7.735 and 0.13% against SGD to 2.999. However, it softened 0.06% against the rupiah to 3,429.8 and weakened 0.28% against the peso to 12.80,” he said.